May the best party win for small business

With just 11 days to go to the 2013 election, it is a welcoming sign to see both, Labor and the Coalition vying for the small business vote, according to the Institute of Public Accountants (IPA).

"For too many years, the small business sector has struggled to be part of the political agenda," said IPA chief executive officer, Andrew Conway.

"In the past week, we have now seen both major parties making election policy statements in support of small business and that is a healthy sign.

"In particular, we want to see a significant reduction in the regulatory burden and a fairer tax regime for Australia's small businesses which after all, are the backbone of the economy.

"However, policy must be substantive and not just a grab for votes.  For instance, items such as reducing BAS lodgement to an annual basis may not be appropriate if it leads to small businesses not staying on top of their financial affairs and reporting.

"Of course we welcome the concept of cutting 'red tape' but we need more detail from both parties as to how this will be implemented.  More meaningful and rigorous cost-benefit analysis through Regulation Impact Statements would be a step in the right direction.

"We look forward to seeing much more detail from both parties and for the successful party come election day to follow through on its promises," said Mr Conway.